A secure way to save for your retirement.
- Traditional or Roth IRA’s available.
- No enrollment or maintenance fees.
- IRA basic savings accounts have no minimum balance and can be added to anytime
- IRA share certificates earn a higher dividend than the IRA basic savings account and have a $500 minimum balance.
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Contact your tax advisor or financial planner for which IRA is best for you.
Traditional IRA’s
- Money you contribute is usually 100% tax deductible.
- Dividends that you earn are tax-deferred, meaning you pay taxes on them when you withdraw them.
- Distributions must be taken beginning at age 70 ½.
- Distributions, the money that you withdraw, are generally taxable, but there’s no penalty if withdrawn under one of the following circumstances:
- Reaching age 59 ½,
- You’re disabled,
- Paying for certain health insurance, medical expenses, and higher education expenses
- Taking equal, periodic payments, or
- Death
Roth IRA’s
- Money you contribute is not deductible.
- Dividends you earn grow tax free.
- Money you contribute can generally be distributed tax free.
- Distributions are not required at age 70 ½.
- Dividends can be distributed tax-free if the Roth IRA holder first made a Roth IRA contribution at least five years ago and one of the following things happen:
- Reaching age 59 ½,
- You’re disabled,
- Purchasing a home, or
- Death
Click here for current rates.
Traditional and Roth IRAs and KEOGH retirement accounts are now insured up to $250,000 by the National Credit Union Administration, a U.S. government agency.
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